President lauds outgoing finance minister

President Nicos Anastasiades thanked outgoing Finance Minister Harris Georgiades for the work he has done in steering the economy “out of deep crisis towards growth.”

In a written statement, Anastasiades remarked on the “very positive performance” of the Cypriot economy and its stable growth, thanking Georgiades, one of his closest associates, for the minister’s work at the crucial post for so many years.

The President said Georgiades steered the economy out of deep crisis towards growth, wishing him every success in his new endeavours.

Georgiades had previously announced his decision to step down before the end of the year and before this week’s 2020 budget speech in the House of Representatives. He was appointed in 2013 in the aftermath of a multibillion-euro rescue deal that Cyprus was forced to accept after a disastrous banking crisis.

The finance minister, who said he regretted for not being able to implement the administration's privatization agenda, wrote on Sunday on Twitter that he felt it was time for him to move on.

“It took many sacrifices from many people, a lot of effort and tough decisions that someone had to make. I am grateful to the President for placing his trust in me but I feel it is time for me to move on,” Georgiades said.

Anastasiades announced on Sunday a partial reshuffle of his Cabinet, with a combination of current office holders appointed to new posts and the appearance of some new faces.

Incoming finance minister Constantinos Petrides, who leaves his post as interior minister, will present the 2020 budget to the House on Friday.